The Challenge at Hand
As a business owner, understanding your competitive advantage and leveraging your strengths are the catalyst behind business success. To sustain that success and grow to new heights, many business owners at some point must confront the things that they’re not so good—or even bad—at. Join us as we take a look at the following hypothetical story of a business owner who had to bolster some of her weaknesses in order to supplement her strengths and find success.
Jill Stork’s remarkable journey in the realm of online security software made her renowned among local accounting firms. Being a small business with a product she believed spoke for itself, she relied heavily on word-of-mouth referrals. This business model combined with her reservations about sales and financial management, spelled challenges for the future of her business and for her own financial future.
Enter you, the business advisor.
The Advisor’s Value Proposition
Jill’s situation is a classic case many advisors often encounter. Entrepreneurs possess a profound depth of knowledge in their craft but might lack the comprehensive overview to navigate the complexities of expanding or transitioning their businesses.
Her first step was meeting a financial advisor. While Jill loved to say, “I just want to program”, her dreams were broader: a life of retirement in Wyoming, ensuring her children’s higher education, and the joy of flying.
For business advisors, understanding a client’s core aspirations can be the foundation of a transformative strategy. The true value-add of working with an advisor skilled in Exit Planning is that you can help owners like Jill identify the gaps between her weaknesses and her future goals and plans.
While in this case Jill’s strengths were highly technical and specific, in order for her to make progress towards the post-exit life she desires she must broaden her scope. Owners like Jill need the guidance of a trusted advisor to be able to take a step back and look at the bigger business picture to include alternative sales models, additional revenue streams, and ways to improve business value.
Crafting a Blueprint for Success
Motivated by a recommended Exit Planning Advisor, Jill’s journey took a turn for the better once she placed a higher emphasis on development in the areas she was lacking.
As an advisor, here’s what you can offer to clients like Jill:
- Vision and Expansion: Hiring a proficient sales manager can lead to building an efficient sales team, essential for business growth.
- Operational Efficiency: Streamlining processes and scaling teams is another avenue to explore, ensuring a seamless business operation.
- Financial Foresight: Directing investments with an eye on retirement and other personal goals can mean the difference between dreams achieved and opportunities missed.
- Planning for the Long-Term: Instituting an estate plan and creating a business continuity blueprint can safeguard against unexpected challenges.
Why Every Business Owner Needs an Advisor Team
Jill’s success story, from expanding her clientele to the eventual sale of her company, highlights the monumental impact of having the right advisory team.
As a business advisor, your role in shaping, guiding, and executing such transitions is paramount. To learn more on the impact that an advisor team can have, check out our blog on Why business advisors are essential in planning for a successful future.
The Bottom Line: Elevate Your Advisory Role
Being a business advisor in today’s ever-evolving landscape means more than just offering advice. It’s about understanding, strategizing, and pioneering transformative journeys for your clients.